Supply chain

Blockchain Technology Fundamentals
What are the potential uses of blockchain in supply chain management?

Hint

Answer

Blockchain technology has significant potential uses in supply chain management. It can provide a transparent and immutable record of the product journey from manufacturer to consumer. This includes tracking the origin, quality, and movement of goods, thereby enhancing traceability and accountability. Blockchain can also automate processes and payments using smart contracts, reducing paperwork and administrative costs. Additionally, it can help in combating counterfeit goods and ensuring regulatory compliance by providing a tamper-proof record of the product’s lifecycle. Overall, blockchain can increase efficiency, transparency, and trust in supply chain operations.